Is Buying still the answer for families?

Those who have never owned a home before may ask about the benefits of owning versus renting. Does it still make sense to buy, or is it better to rent until better times?

While paying mortgage payments and property taxes may seem like an expensive and stressful proposition over the near worry-free lifestyle of renting, these expenses actually provide great financial benefit for homeowners.

When you rent, every dollar you pay is retained by the landlord and of course you get no tax breaks. However, when you purchase a home, a portion of each monthly mortgage payment is used to pay down the principal amount of the loan, and in return increases your equity in the property.

In addition, you can offset much of the cost of property taxes and mortgage interest through allowable tax deductions. Finally, by owning a home you may also increase your equity as the property appreciates in value.

For specific information on the financial and tax benefits of buying compared to renting, contact your local financial or tax consultant.

Don't miss the opportunity of a generation; if you are able to buy now, prices and interest rates continue at historic lows.